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Event description

Description

Course Overview

The course provides a comprehensive overview of the methods used in oil and gas accounting. Participants will learn the background to oil and gas accounting, how to record expenditure and revenue, and monthly/quarterly and year-end accounting routines.

The course is designed for

Personnel within the industry

Course outline

Background to oil and gas accounting

Overview of life cycle of an oil and gas projectTechnology behind the industryDisclosure of commercial reservesMajor issues facing upstream oil & gas accountants

Recording cash calls and monitoring costs

Recording expenditure, estimating and analysis

Exploration and appraisal costsDrilling and completion costsProject development expenditureOperating expenditureDirect and indirect time written costs and allocated overheadsParent company overhead chargeAccruals and estimatesRecording joint interest billing – estimated and actual

Recording revenue and DD & A

Measurement of production and production recordsRevenue accounting and sales receiptsCalculating underlift / overlift position, booking revenueCalculating revenue under take or pay gas contractsRecording royalty and production taxes Reserve classifications and reporting and their use in accountingCalculation and recording of DD&ARecording provision for decommissioningWORKSHOP:Prepare a set of production accounting recordsCalculate the entries to book oil revenue in an overlift positionCalculate the entries to book gas revenue in a pay position

Monthly routine accounting cycle

Month end closing routine – checklistPreliminary and final closeKey account analysis and reconciliationsStandard monthly reports & key performance indicatorsInclusion of non financial reportingInventory accounting: materials & suppliesWORKSHOP:Prepare a set of monthly accounts and basic reportsPrepare a set of quarterly accounts and basic reports

Quarterly / year end accounting routine

Quarter end closing routine – preliminary and final closeQuarterly reportingAdjustments to make financial statements IFRS / GAAP compliantAdditional entries for year endPreliminary closing routing for year endClosing entries at year endFinal close, analysis and prepared by client schedulesPreparing a set of year end accountsWORKSHOP:Preparing a set of quarterly accounts and basic reportsPreparing a set of year end accounts and basic reportsMake required adjustments for a set of year end accounts to comply with IFRS / GAAP reporting requirements

Variance analysis and reporting routine

Preparing monthly variance analysis commentaryPreparing quarterly variance analysis commentaryPreparing year end variance analysis commentaryMonthly non financial reporting and analysisQuarterly / year end non financial reporting and analysisWORKSHOP:Write the variance analysis commentary for a set of monthly reportsWrite the commentary for a set of non financial quarterly reportsWrite the variance analysis commentary for a set of year end reports